Stay off MMM, it is a Ponzi Scheme, SEC warns

Stay off MMM, it is a Ponzi Scheme, SEC warns

Monday, September 5, 2016 9:05 am


You have been warned!

You have been warned!

The Securities and Exchange Commission, SEC, has raised the alarm over the activities of some online fraudsters, who are currently running an online investment scheme tagged ‘MMM Federal Republic of Nigeria’.

The fraudsters, according to SEC, carry out their illegitimate business via Nigeria. portal/platform, and are promising investors a monthly investment return of 30 per cent.

SEC said the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds.

A Ponzi scheme can be defined as a fraudulent investing scam promising high rates of return with little risk to investors. The scheme generates returns for older investors by acquiring new investors.

SEC on its website, said, “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called ‘mutual aid financial network’ with a monthly investment return of 30 per cent.

“The commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.”

SEC, therefore, advised the general public to distance themselves from the online scheme, adding, “Please note that anyone that subscribes to this illegal activity does so at their own risk.”

In a related development, SEC said its attention had been drawn to the activities of one Mrs. Oge C. Ottiwu of No. 118 Zink Avenue, Opposite Eke Market, Awka, Anambra State, allegedly engaging in capital market activities without any registration within Anambra State and its environs.

“Section 38(1) of the Investments and Securities Act, 2007 requires any person who intends to operate as a professional in the capital market or carry on securities business to be registered by the commission before engaging in such activities. It is therefore illegal to carry on any kind of capital market business without registration,” it said in a post on its website.

Investigation by The Brief revealed that MMM has been banned in Russia, China, and South Africa.

In January 2016, the Chinese government, through its Central Bank and other sources, warned its citizens to stay away from the MMM programme, saying that MMM China (the local version) is a scam.

In a similar development in South Africa, also in January 2016, the bank accounts of an investor in MMM Global were frozen for violating the Consumers’ Protection Act.

The founder, Sergei Mavrodi, is a convicted felon.

Credit: TheBrief
http://www.thebriefng.com/2016/09/01/stay-away-mmm-ponzi-scheme-sec-warns-nigeria/


Join The Conversation

33 Comments

  • mmmhelpcenter says:

    This is to officially announce to all MMM members around the world that we are currently updating our website for 50% upgrade that will lead to 2017. We are sorry for the inconveniences, for more information call MMM help center with the following number +2348158826526. Thanks for your understanding.

  • […] Securities and Exchange Commission(SEC) had also sounded a warning to the legibility of the scheme, but none of it seems to have deterred the participants and beneficiaries. A few weeks back,  MMM […]

  • […] Securities and Exchange Commission(SEC) had also sounded a warning to the legibility of the scheme, but none of it seems to have deterred the participants and beneficiaries. A few weeks back,  MMM […]

  • […] Securities and Exchange Commission(SEC) had also sounded a warning to the legibility of the scheme, but none of it seems to have deterred the participants and beneficiaries. A few weeks back,  MMM […]

  • Femi says:

    Don’t mind them. They are idiots.

  • DR C E O ANUKU says:

    GOOD VIEWPOINT.
    THE GOVERNMENT SHOULD LEGITIMIZE IT TO GIVE IT INTEGRITY AND SUSTAINABILITY, AND PLEASE THE POPULACE.
    RUSSIA AND CHINA HAVE SOCIALIST ORIENTATIONS.
    SOUTH AFRICA IS STILL WEARING THE COAT OF APARTHEID.
    TAKE MY FORMULA THAT AS A CYCLICAL CONTINUUM, INTEGRITY OF THE OPERATORS SHOULD BE DOCUMENTED.

  • Kanahan says:

    SEC or what is it called. What have you people as an organization done to a the less privileges ? the common man is suffering day in day out you people are there enjoying yourselves. Nigeria as a country has its own risks economic recession the down turn of our country economy we are hearing today is whose risk? sec as an organization has its own risks all of us are risk takers. You can’t be successful in life without taking risk. Nothing last for ever in this earth we are .I may ask why can’t you stop people from dying? Cause is a risk to life. Bokoharam are killing inocent souls Fulanis killing people , militantancy kidnapping are the other of days.pls I don’t want to say so many things here but leave us alone with our usual risk. Is non of your business.

  • reks says:

    Hahaahahahaha,…..Do i tell you that i do not know its a risk Oga? If its a risk its my decision to take it not yours ooooo,…..MMM is my pride,……I Rep MMM,…….MMM all the way

  • OHANUKA EMMANUEL says:

    We mmm participant are even making the bank #105 naira richer everytime we make transfer so CBN should shutup infact my message to CBN invest half of Nigeria economy into mmm and get 30% of it to better Nigerians lives

  • OHANUKA EMMANUEL says:

    Please confuse me that the banking system is not a scam, what do you want to talk about, is it the charges they withdraw for transfer via internet banking, mobile app or ATM, Let’s talk about the SEC as a whole they are sammers too, mmm came in to change people’s live in your country and you emeny of progress and talking nonsense to shut it down, mmm is bettering lives my friends, I resigned from work because when in started mmm I realise that my company can’t pay me anything thing close to 30% so tell me who u epp, mmm has made changes in my life am now a better me, you guys should join and see maybe your lives wouldn’t change from this rubbish to better, just shutup and do the right thing. Government shit. Togetger we can change the world long live mavro

  • mike says:

    SEC and other BANKS are crying foul because they perceive MMM to be a threat to their very Good existence. MMM has come to stay as a community that stands for the truth.
    MMM is paying and real also and I am a witness to that.
    They SEC should know that MMM is not a company, investment or banks rather, MMM is an online social financial network of people who decided to help each other financially. And there is no place in the constitution that forbids people from helping each other.
    LONG LIVE MMM AND TOGETHER WE WILL CHANGE THE WORLD.

  • Abayomi Kehinde says:

    MMM Community Stand Firm and Be Unmoveable and Undaunted! !!!
    We Would Change the World !!!!

  • Abayomi Kehinde says:

    *Is MMM really a scam?*

    Is it a scam to have a system that
    *brings a community of people together that financially help one another, willfully, without being forced?*
    Is it a scam to have a system that
    *creates a platform for individuals to combat poverty at its core?*
    We always say fighting poverty is a collective effort;
    Now instead of people *stealing*, *cheating* or *robbing they join their hands in good heart to provide financially help to one another*, is that scamming really?
    Is it a scam to see *families that couldn’t afford to bring food on the table* now able because of the financial help they have received from other members? Is it a scam to see
    *students who couldn’t afford to have pocket money and monthly allowances in tertiary institutions now able to afford* because of MMM?
    Is it a scam to see *entrepreneurs rising from the capital money raised through MMM and in return they contribute to the economic growth of this country and create employment to thousands?*
    I will tell you what a ~*SCAM*~ is!!!
    ?A real scam is to _*hinder people to their financial freedom yet encourage them to keep borrowing from your system so that they work for you and pay the rest of their lives if they live that long*_…
    ?A real scam is to _*have someone work 40 years of his/her life and after retirement that person must take the fruit of his/her years of hard labour and pay the debts and bonds that refused to end because of ever increasing interest rates.*_ ?A scam is _*when your bank sends you an sms alert to inform you that you have earned #0. 50 on your money, and later charge you #4. 00 on the sms alert. Your bank also charges you exorbitantly every month on something you know nothing about ; and there’s nothing you can do other than to keep quiet because you have no choice.*_
    ?A scam is when _*~your mobile network provider charges you on the service you never make a request for (caller tunes, news updates, etc)~*_
    ? _*~Working for a government and being paid the same salary as when 1 Dollar was N165 till now~*_ is a scam.
    ?_*~Working for government for years without promotion~*_ is a scam.
    ? _~*Working for so long and just getting a sack letter or retiring broke and in debt*~_ is a scam.
    ? _~*Serving your country for one year and crying to get a job*~_ is a scam.
    ? _~*Not being paid salaries for 5 months or more*~_ is a SCAM.
    ? _~*Not being able to transfer your job to your children*~_ is a SCAM.
    ? _~*Spending 6 years in Primary school, 6 years in Secondary School, 4, 5, 6 years in Higher Institution, 1 year Internship (for some) 1year of NYSC and at the end you still roam about looking for non-existing job*~_ is the REAL Scam.
    Meanwhile someone somewhere is enjoying financial freedom, making millions, driving brand new cars e.t.c

    _*All in joining MMM without submitting CV, NYSC discharge Certificate etc*_….and people still say it’s a *SCAM?*
    Is it therefore a scam *to have a system that produces people that can afford to buy a house they could have paid for _20 years_* in cash had such a system not been introduced? _*Is MMM a scam?*_
    You can make your own judgment as to who a _*REAL SCAMMER IS*_

    ??????_*MMM*_??????
    Together We Are CHANGING The World For Good of All
    Congrats

  • Vicnisi says:

    I want all financial institutions to explain what is “fractional
    reserve banking”. Is fractional reserve banking in itself not a scam by
    financial institutions which include SEC members business model and
    activities, because you use money which is not yours sometimes without
    the consent of the owners of these money under their custody and lend it
    out on high interest rates and give the original owners little for
    their own money. We are aware that many CEOs and stakeholders of
    financial institutions are behind this, they are using SEC as an avenue,
    but Nigerian are wiser by the day.

    SEC are crying because nobody wants to invest in shares, bonds, treasury bills and
    all what have they, tell me while should people invest in those product
    when at the end of the day these so called registered entities as
    believed to be regulated by SEC still cant manage peoples investment
    with them and also with low returns on investment. We have seen how SEC
    has failed Nigerian; most shares in Nigeria has lose value to nothing
    still under the watch of SEC and the irony of this whole thing is that
    the CEOs and stakeholders of these institutions are still sharing
    profits among themselves, taking trips overseas with their families as
    though nothing has happen and now they can’t have profit and benefit
    since people no longer wants to buy their product anymore hence they are
    calling MMM a scam. Have you not been receiving SMS or emails from
    banks and most of these financial institutions lately asking you to save
    some money with them and qualify for some kind of promo, have you ever
    seen anyone that has won these promo. They are actually trying to
    generate capitals for their selfish interest. Bottom line is when they
    fail out of their incompetency and people loose their hard earn
    investments they look for what to blame it on, this is thief on
    investors and tax payers and if this is done by ordinary person they will
    go to jail for it.

    It is their lack of knowledge of what a ponzi scheme is and how MMM
    operations are hence they call MMM a ponzi scheme. MMM is not a ponzi
    scheme and her operations can never fall under a ponzi scheme.

    When people get involve in cooperatives or if you may call it “Osusu”
    and what ever activities that they do to better all members of their
    cooperative do they have to involve SEC or register with SEC? MMM is a
    state-of-the act Osusu or cooperatives as you may call it. Because if
    SEC cant regulate other and every cooperatives or osusu groups that
    operations in Nigeria then they can’t regulate the activities of MMM
    because MMM fails in this like. So when i want to render help to my
    friend as most of us even give friends money to do business and ask for
    some interest with it, we should get SEC involved and or go to the
    capital market?

    I have asked and have gone through the laws as covered by Nations and
    also Nigeria, and i have not seen where being a philanthropist is
    illegal, because if it is all philanthropist all over the world and in
    Nigeria would have been call fraudsters, may be in this case “Offline
    Fraudsters”

    Instead of SEC and the Government of the day to be happy that
    Nigerian have find means of livelihood since they have failed to secure
    her citizen by providing for them, they are there calling scam when they
    themselves are the scam and fraudsters. Has this Government not made
    promised that they have not kept is that not a Scam of a sort.

    SEC and FG, you can’t continue to keep people in slavery with you financial system.

    Nigerian shine your eyes what has SEC or financial institutions done
    for you rather your investment with them is reducing in value by the
    day.

  • oge says:

    Thank you my brother. You have said it all.

  • Ola Smith says:

    You are correct…

  • John says:

    That is the problem with regulatory agencies in this country, they will ignore what should be done to improve the life of the common man and be running errands for their chess masters. I am a medical doctor, and with MMM I have been able to invest in something profitable outside my professional job which doesn’t give me spare time. Every one who invests in MMM understands how it works, so SEC should not make it sound like they are here to help anybody. MMM still pays, and will keep paying.

  • Emmanuel Ibeh says:

    Doris J 2nd September 2016 at 11:58 am
    Reply

    DORIS J

    Who has the government helped?
    Who has bank helped?
    Who has SEC helped?
    Who has the politicians helped?
    Even our Nigerian forces, have they helped anyone?
    I guess the obvious answer is NO
    Back then in 2009 when Bitcoin was introduced, the government and SEC warned us that its a scam, we should not invest out money in it but today 1 bitcoin is close to $600 if not more than, you can check the equivalent in Naira. Thank God for the young man that invested just $27 as at then. After like 4, 5 years, bitcoin increased in value and the financial status of the young man change.
    Government and SEC deprived you of diving into the wealth from bitcoin, is that fair?
    Banks will be like, your money is safe with us, and my question is, is our money really safe? They use our money (because without u and I, nothing like bank) to give loans to companies and make huge interest, if they are giving me 5% monthly, i won’t be shouting instead they charge me for using my money for business. Billing you unnecessary charges and the worse part of it is that you can’t talk, even if you do, who will hear you? Bank will send you a credit alert or interest alert of #0.50k and charge #4 for the sms. And you said that one is not a legalized scam (you are wicked).
    Politicians will be like vote for us, when you vote for us, we will do this do that. Your vote counts. Liars, the worst scams ever seen are the politicians, deceivers. The less privilege are the ones languishing in poverty but you are there living in luxuries, you denied us from going to the best schools because of the high fees but your children are in the best school outside the country. And you think you are not a scam? You are deceiving yourself.
    School will be like read your book and make sure you pass very well so that you can get a good job, where is the job? 6Years in primary, 6yrs secondary school that is if you didn’t repeat any class then 4 yrs in tertiary institution as the case may be plus another 1yr of youth service and after all these years no job to be found and you said that is not a scam?
    You subscribe to DSTV, after you might have paid your NEPA bill of which you only get light in the middle of the night around 1am -5am, tell me who want to use the light? And DSTV management could not even pause the operation for you since you are not using the service, that is non of their business and at the end of the month, NEPA will still come with an estimated bill of which you can’t shout, if you do, they will cut your wire and assume you did nothing to it for a month, you still pay for that month despite you didn’t use light and when you want to reconnect, you will pay reconnection fee. is that not a scam?
    If I should continue disclosing all their scams, facebook won’t be enough to accommodate it.
    We have been in this slavery long enough, we can’t take it any more. It is obvious they do not want the average man to live the better life that we suppose to.
    MMM has come to stay and not SEC nor Government can stop it
    They said MMM is a scam, yes we know
    is a ponzi scheme, yes we are aware of that
    is a fraud, yeeeessss we know about that also
    Ah, the founder is a thief, yes we read about that, we even read that he was jailed, and so what?
    MMM is too risky (Abeg shut up that dirty mouth)
    I’ve been taking risk since i was born, living in Nigeria (where there is no security, if its not boko haram today, it will be fulani herdsmen or some stupid avengers and their kinsmen kidnappers etc) is the greatest risk one can take and if i have been living in it for more than 40yrs with the risk attached, i tell you the truth, i can overcome any risk.
    We are risk takers
    We are scammers
    We are ponzians
    We are Mavrodian
    We are MMM
    We love who we are
    SEC, who you don epp?
    Make una face wetin dey face una for this country and leave us alone. You can only steal my money, you can’t teach me how to spend my money.
    A word is enough for the wise. Long live MMM. IRepSustainability of MMM…✅✅✅✅✅

  • Emmanuel Ibeh says:

    Do you no how much #100 banks have got because members of MMM are helping each other by transferring funds to one another? Again GOD BLESS MMM.

  • Emmanuel Ibeh says:

    MMM together we shall change the world. Let’s help each other to alleviate poverty. This is the ideology behind MMM. SEC and BANKS OFFICIALS MMM is not a financial institution like yours with non beneficial and vague promises. I make transfer and you take hundred naira. At the end of the month my 30k untouched in my bank will reduce to 29.9k. No interest. So why do I have to keep it there and enrich you when you give it out at very high rate of interest as loan and instead of giving the peanut as interest for using my money, you deduct my money. Shame. instead I help someone directly with it now and get it back with smiling interest when I need it. I will rather prefer to help someone with my money and loose it than give it to thieves in the banks. Well I am not surprise some bankers are members of MMM. WHO NO LIKE BETTER THING. Good competition. SEC AND BANKS YOU SHOULD COME OUT WITH PROMISING IDEAS AND INTEREST INSTEAD OF ENVYING A BRILLIANT ONE AND TRYING TO PULL IT DOWN. MMM HAS COME TO STAY. GOD BLESS MMM. GOD BLESS NIGERIA

  • ADEOLA says:

    Long live mmm

  • Sanusi Mosh says:

    The simple question i want to ask is this and i will be very grateful if SEC and other bank sponsors can answer me: Please is MMM the only online financial aid scheme going on presently in Nigeria? Have they gone to find out the origin of others and where they operate?Its just so obvious that this is what is called in Nigeria parlance “bad belle” from SEC AND THE BANKS sponsoring this hate campaigns.

  • Martin uche says:

    Na thunder go pursue all them who wants to destroy MMM Nigeria for selfish reasons and also lack of understanding of how MMM works.

  • Martin uche says:

    LONG LIVE MMM!!!

  • Uju says:

    Still on this matter of SEC speculation!

    My people suffer for lack of knowledge.

    Get your fact right!

    Don’t join if you don’t understand and willing to abide by the MMM ideology. My 2 kobo advice.
    Is MMM really a Ponzi scheme?

    Is it a ponzi scheme to have a system that brings a community of people together that financially help one another, willfully, without being forced?

    Is it a ponzi scheme to have a system that creates a platform for individuals to combat poverty at its core?
    We always say fighting poverty is a collective effort; Now instead of people stealing, cheating or robbing they join their hands in good heart to provide financially help to one another, is that ponzi scheme really?

    Is it a ponzi scheme to see families that couldn’t afford to bring food on the table now able because of the financial help they have received from other nembers?

    Is it a ponzi scheme to see students who couldn’t afford to have pocket money and monthly allowances in tertiary institutions now able to afford because of MMM?

    Is it a ponzi scheme to see entrepreneurs rising from the capital money raised through MMM and in return they contribute to the economic growth of this country and create employment to thousands?

    I will tell you what is a Real ponzi scheme ?

    ?A real ponzi scheme is to hinder people to their financial freedom yet encourage them to keep borrowing from your system so that they work for you and pay the rest of their lives if they live that long…

    ?A real ponzi scheme is to have someone work 40 years of his/her life and after retirement that person must take the fruit of his/her years of hard labour and pay the debts and bonds that refused to end because of ever increasing interest rates.

    ?A ponzi scheme is when your bank sends you an sms alert to inform you that you have earned #0. 50 on your money, and later charge you #4. 00 on the sms alert. Your bank also charges you exorbitantly every month on something you know nothing about ; and there’s nothing you can do other than to keep quiet because you have no choice.

    ?A ponzi scheme is when your mobile network provider charges you on the service you never make a request for (caller tunes, news updates, etc)

    ?Working for a government and being paid the same salary as when 1 Dollar was N165 till now is a ponzi scheme.

    ?Working for government for years without promotion is a is a ponzi scheme.

    ?Working for so long and just getting a sack letter or retiring broke and in debt is a ponzi scheme.

    ?Serving your country for one year and crying to get a job is a ponzi scheme

    ?Not being paid salaries for 5 months or more is a is a ponzi scheme.

    ?Not being able to transfer your job to your children is a Ponzi scheme.

    ?Spending 6 years in Primary school, 6 years in Secondary School, 4, 5, 6 years in Higher Institution, 1 year Internship (for some) 1year of NYSC and at the end you still roam about looking for non-existing job is the REAL ponzi scheme

    Meanwhile someone somewhere is enjoying financial freedom, making millions, driving brand new cars etc all in joining MMM without submitting CV, NYSC discharge Certificate etc….and people still say it’s a ponzi scheme?

    Is it therefore a ponzi scheme to have a system that produces people that can afford to buy a house they could have paid for 20 years in cash had such a system not been introduced?

    Is MMM a ponzi scheme? You can make your own judgment as to who a real ponzi schemer is.

    Together we change the world.
    For inquiries and right information

    Whatsaap or call 08149386300

  • JONAH says:

    Is a colosal shame that the same SEC, who failed and has always failing in her regulatory responsibilty is now been used cheaply by those who do not mean well for us they refer to as common man. Look, my wife and I, are senior federal civil servant but could not save, not to talk of project. This is not because we are extravangance! Our participation in MMM just for 3months now, has change our fortune. MMM is a prayer point in my home, and will not want to joke with it. I have always wish this Government well and will only hope that such wish is not betrayed! Any harmful attempt on MMM is consider as a threat to my household, no man will sit back and watch his home threaten. SEC, please leave MMM alone because, it is nothing close to scam! ANYWAY, TO MY FELLOW PARTICIPANT, THE CONTINUE EXISTENCE OF MMM LIES WITH YOU AND I. FOR ME, I Phed THIS EVENING AND ALREADY HAVE SOME GREENISH CASH WAITING TO BE Gh, NEXT WEEK. LONG LIVE MMM!!!

  • Franklin says:

    It’s actually a thing to wonder seeing how much effort agencies are
    putting to bring this scheme down, when that much effort would have been
    diverted into something beneficial to the society. It would probably
    have been effective if all these talks and attempted brain-washings had
    been made at the inception stage.. but it is however a hopeless trial
    now that our beautiful citizens have seen the promises the scheme holds.
    MMM is here and it is here to stay, thousands of people are benefiting
    from it already, testimonies are there and its processes are clear to
    see.. I would suggest people stop racking their brains on such useless
    efforts as bringing it all to nothingness and join the community…
    there are sensitization programmes around that would help you fit into
    the system.. it’s time people stopped trying to crash that which they
    didn’t build.. lives are already being made with just people’s “spare
    monies”. But if all you do is earn big cash- with no means or desire to
    invest your excesses into the lives of people-, come up online and post
    things with the hope of crushing newly found hopes of people who can
    barely afford that which you throw, it’s a shame or rather an
    unfortunate thing. A platform has been made to do just that which humans
    should ideally do,.. life is not meant to be lived alone, help a
    brother today in his time of need, and he will do just that for you
    tomorrow when you need him.. That’s what MMM is all about. And I really
    don’t see any reason why it should be called a scam. It would do us all
    good if people made better findings before publishing nonsense in a bid
    to shake foundations of that which they know nothing about. If MMM can
    break the gloom in a man’s face, why try to take it from him??.. People
    should let sleeping dogs lie, and look for something else to do with
    their time rather than make nonsense posts…

  • Ridwan Ahmad Abba Tukur says:

    Beautiful answer, you are a true Nigerian!!! This is exactly what we need in Nigeria…
    Let us Provide Help to those who Need Help! I think SEC doesn’t know the meaning of “DONATION” because anything “MONEY” to them must be an “investment”…

    Infact the government should “provide help” to the masses who “need help” so that poverty will be drastically reduced…

    Very soon ‘someone’ will design a platform where people will “trade-by-batter” e.g. I donate 1 bag of rice to you and you donate a bag of maize to someone and someone will donate a drum of petrol to another person all based on what is available. (Just giving an example) with this, the country will be free from troubles of money by God’s grace. God bless you sister.

  • ub says:

    Thanks I luv this response

  • Ajoke says:

    As far as i am concern. MMM Is the best so far. call 09055528036

  • Dolowa Odun says:

    I want all financial institutions to explain what is “fractional reserve banking”. Its fractional reserve banking in itself not a scam by financial institutions which include SEC members business model and activities because you use money which is not yours sometimes without the consent of the owners of these money under their custody and lend it out on high interest rates and give the original owners little for their own money. We are aware that many CEOs and stakeholders of financial institutions are behind this there are using SEC as an avenue, but Nigerian are wiser by the day.

    SEC are crying because nobody wants to invest in shares, bonds and all what have they, tell me while should people invest in those product when at the end of the day these so called registered entities as believed to be regulated by SEC still cants manage peoples investment with them and also with low returns on investment. We have see how SEC has failed Nigerian; most shares in Nigeria has lose value to nothing still under the watch of SEC and the irony of this whole thing is that the CEOs and stakeholders of these institutions are still sharing profits among themselves, taking trips overseas with their families as though nothing has happen and now they can’t have profit and benefit since people no longer wants to bye their product anymore hence they are calling MMM a scam. I have you not been having SMS or emails from banks and most of these financial institutions asking you to save some money with them and qualify for some kind of promo, have you ever seen anyone that has won these promo. They are actually trying to generate capitals for their selfish interest. Bottom line is when they fail out of their incompetency and people loose their hard earn investments they look for what to blame it on, this is thief on investors and tax payers.

    It is their lack of knowledge of what a ponzi scheme is and what MMM operation is hence they call MMM a ponzi scheme. MMM is not a ponzi scheme and her operations can never fall under a ponzi scheme.

    When people get involve in cooperatives or if you may call it “Osusu” and what ever activities that they do to better all members of their cooperative do they have to involve SEC or register with SEC? MMM is a state-of-the act Osusu or cooperatives. Because if SEC cant regulate other and every cooperatives or osusu groups that operations in Nigeria then they can’t regulate the activities of MMM because MMM fails in this like.

    I have asked and have gone through the laws as covered by Nations and also Nigeria, and i have not seen where being a philanthropist is illegal, because if it is all philanthropist all over the world and in Nigeria would have been call fraudster, may be in this case “Offline Fraudster”

    Instead of SEC and the Government of the day to be happy that Nigerian have find means of livelihood since they have failed to secure her citizen by providing for them, they are there calling scam when they themselves are the scam and fraudsters. Has this Government not made promised that they have not keep is that not as Scam of a sort.

    You can’t continue to keep people in slavery with you financial system.

    Nigerian shine your eyes what has SEC or financial institutions done for you rather your investment with them is reducing in value by the day.

  • Dolowa Odun says:

    If they say MMM is a Scam, no qualms but…. Ask them,

    When Nepa over bills/gives estimated bills…it is not a scam.

    When DSTV still charges you for not using ur subscription due to no NEPA light….it is not a scam

    When filling stations adjust pump and sell at 160 per liter in disguise…it is not a scam

    When bank deduct several money/charges from your account for nothing…it is not a scam

    When politicians loot national treasury without probe while our infrastructures gets dilapidated, no jobs for the youth, no money to pay workers salaries….. This too no be scam stall

    What about the fake Immigrations recruitment that claimed lots of innocent lives….that one sef no be scam Abi?

    Police recruitments that requires only N10,000 men yet they charged 1,000 for form that over 100,000 youths bought….. More like scam to me.

    Rubbish!!!

    The same media houses used to advertise sport betting, baba ijebu and national lottery and gambling and yet, thats not a scam!!!!

    When they claim to be fighting terrorism and send soldiers without enough ammunitions to die but share arms money amongst themselves while chibok girls are been used as sex slaves…. Dem no see scam for these ones too.

    Only because MMM is bringing ordinary people worldwide together to help one another financially freely and get rewarded 30% for it….. Na big scam for them….

    Nigerians, shine your eyes oooo! Tell me which one be scam

  • What do you think?

    This site uses Akismet to reduce spam. Learn how your comment data is processed.